Short Interest in ESS Tech, Inc. (NYSE:GWH) Rises By 151.9%

ESS Tech, Inc. (NYSE:GWH) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totaling 2,670,000 shares, an increase of 151.9% from the September 30th total of 1,060,000 shares. Approximately 26.9% of the company’s stock are short sold. Based on an average trading volume of 8,510,000 shares, the days-to-cover ratio is currently 0.3 days. Based on an average trading volume of 8,510,000 shares, the days-to-cover ratio is currently 0.3 days. Approximately 26.9% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

GWH has been the subject of several recent analyst reports. Roth Capital set a $3.50 price objective on shares of ESS Tech and gave the stock a “buy” rating in a research note on Friday, October 10th. Wall Street Zen lowered ESS Tech from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Weiss Ratings restated a “sell (e+)” rating on shares of ESS Tech in a research note on Wednesday, October 8th. Finally, Robert W. Baird dropped their price target on ESS Tech from $6.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 18th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $2.88.

ESS Tech Stock Up 3.7%

Shares of NYSE:GWH opened at $4.15 on Friday. ESS Tech has a 52-week low of $0.76 and a 52-week high of $13.87. The stock has a market cap of $60.43 million, a price-to-earnings ratio of -0.66 and a beta of 1.23. The business has a 50-day moving average price of $2.71 and a 200-day moving average price of $2.07.

ESS Tech (NYSE:GWH) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). ESS Tech had a negative return on equity of 321.20% and a negative net margin of 1,217.22%.The firm had revenue of $2.36 million during the quarter, compared to analysts’ expectations of $0.60 million. As a group, equities analysts anticipate that ESS Tech will post -6.87 EPS for the current fiscal year.

About ESS Tech

ESS Tech, Inc, an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which include Energy Warehouse, a behind-the-meter solution; and Energy Center, a front-of-the-meter solution. The company was founded in 2011 and is headquartered in Wilsonville, Oregon.